Wednesday 16 April 2014
News updated at 1:12 PM IST
Weather
Max: 34°C
Min : 22.7°C
In Bangalore
Sunny day

No case for S and P ratings downgrade: Arvind Mayaram

NEW DELHI, May 20, 2013 , (Reuters) -
India's Economic Affairs Secretary Arvind Mayaram attends an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012.  Credit: Reuters/

There is no case for downgrading India's sovereign credit rating, Economic Affairs Secretary Arvind Mayaram told the news channel ET Now on Monday, after Standard & Poor's reiterated its negative outlook on the country's credit rating.

The rating agency last week warned that India needed to follow through on implementing a slew of pending economic reforms, a warning that dealt a blow to a government that had recently pitched for an upgrade.

The agency had also said that high fiscal and current account deficits remained a drag on India's rating, saying there was a higher than one-in-three chance of it downgrading the country to "junk" investment status.

Mayaram said the concerns over the pace of implementing economic reforms were "overstated", adding India's current account deficit and economic growth are likely to improve over the previous fiscal year.


Go to Top

Photo Gallery
US actress Emma Stone poses for the media during the Germany premiere of the movie 'The Amazing ...

US actress Emma Stone poses for the media during the Germany premiere of the movie 'The Amazing ...

2013 Boston Marathon bombing survivor Erika Brannock, a pre-school teacher from the Baltimore ...

2013 Boston Marathon bombing survivor Erika Brannock, a pre-school teacher from the Baltimore ...

Family members and survivors of the 2013 Boston Marathon bombing walk down Boylston Street for a rem

Family members and survivors of the 2013 Boston Marathon bombing walk down Boylston Street for a rem

An injured passenger who was on a sinking ship, is rescued by South Korean maritime policemen ...

An injured passenger who was on a sinking ship, is rescued by South Korean maritime policemen ...

A passenger is rescued by South Korean maritime policemen from a sinking ship in the sea off ...

A passenger is rescued by South Korean maritime policemen from a sinking ship in the sea off ...

South Korea rescue helicopters fly over to rescue passengers from passenger ship Sewol ...

South Korea rescue helicopters fly over to rescue passengers from passenger ship Sewol ...

South Korean rescue helicopters fly over a South Korean passenger ship, trying to rescue ...

South Korean rescue helicopters fly over a South Korean passenger ship, trying to rescue ...

Britain's Kate, the Duchess of Cambridge meets with a girl during a walkabout in the Civic Square...

Britain's Kate, the Duchess of Cambridge meets with a girl during a walkabout in the Civic Square...

Britain's Prince William carries Prince George with his wife Kate, the Duchess of Cambridge ...

Britain's Prince William carries Prince George with his wife Kate, the Duchess of Cambridge ...

This multiple-exposure composite photo of the moon was made beginning at 1 a.m., CDT, Tuesday ...

This multiple-exposure composite photo of the moon was made beginning at 1 a.m., CDT, Tuesday ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523